NZ stocks mixed as investors hunt yield

NEW Zealand stocks have closed mixed as investors hunting yield kept a lid on international selling pressure.

THE NZX 50 Index edged up 2.57 points, or 0.1 per cent, to 5097.509 on Thursday.

Within the index, 18 shares rose, 23 fell and nine were unchanged. Turnover was $125.5 million. Asia-Pacific markets fell as escalating tensions between Ukraine and Russia spooked investors. Stocks with high dividend yields buoyed the NZX 50 Index, including Meridian Energy up 2.5 per cent to $1.25, Telecom 0.9 per cent to $2.87 and 1.7 per cent to $1.82. "We are still in a relatively low yield environment, and a number of our companies are still paying dividends north of seven per cent. Investors are happy sitting where they are, collecting the income," said James Smalley, director at Hamilton Hindin Greene.
Diligent Board Members Services advanced 2.4 per cent to $4.20, ahead of reporting its second quarter earnings on Friday. Fletcher Building, New Zealand's largest listed company, rose one per cent to $8.95.

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